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NMLS Consumer Access  |  Equal Housing Lender

USDA Loans (US Dept of Agriculture Rural Development)

USDA loans are often sought after for their 100% financing ability on rural homes that fall into USDA's eligibility map.  Up until June 2018 USDA would only insure manufactured homes that were 12 months old or newer, however they will now allow for manufactured homes built in 2006 and newer.  No structural additions or modifications to the manufactured home are allowed under this program.  USDA guidelines are similar to FHA guidelines, with the most notable differences being 100% financing, a 1.00% up-front guarantee fee, lower monthly mortgage insurance premiums, and a household income cap.  As of July 2018, that total household income cap for a household of 1-4 people is $82,700 for most of the state of Oregon, with the exceptions being $93,600 for the Portland area and $96,750 in the Corvallis area.  USDA income caps can be found here.